glennmercer
Long

EURGBP EW Count: Triangle to Wave-5

FX:EURGBP   Euro Fx/British Pound
After a strong impulse following an expanding triangle (see related idea), EURGBP             has completed 3 waves of a possible 5 wave impulse to complete the combo wave. Triangles almost always occur in positions prior to the final impulse wave in the pattern of one larger degree, in the case 4 of 5. There could always be a further continuation sideways or a deeper correction toward wave 1, so it's important to be reactionary to price action. This idea was published after a bullish impulse on a smaller TF at an area where I expected one to occur, so this is a good opportunity to enter with a tight stop loss. Happy Trading!
Trade active
Trade closed manually: I'm closing this trade at +5 pips. I did not see the impulse I was looking for, and a sideways correction could mean another dip down before continuation up. Quick small win, looking for a large win after I see another bullish impulse.

Will update in the AM

snapshot
Hi Glen, What's your SL set at for this EG long trade?

Thanks
Reply
Hi Hanu, it's on the chart: .8473
Reply
Hanu727 glennmercer
Thanks bud
Reply
Hanu727 glennmercer
I'm also active at .8484. Good luck!
Reply
Hanu, I'm taking the conservative approach here. Exiting and waiting for another bullish impulse.
Reply
Hanu727 glennmercer
Yeah I was a bit weary as well on this long. Good call
Reply
Great analysis. Thanks.
Reply
My pleasure, thanks
Reply
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